Egypt’s FM, Saudi Minister of Commerce seek enhancement of economic ties

CAIRO – 19 August 2024: Minister of Foreign Affairs and Immigration Badr Abdelatty conducted a video conference with Mr. Majid Al-Qasabi, the Saudi Minister of Commerce, who was unable to attend the Minister's visit to Riyadh in person, on Monday.

Ambassador Ahmed Abu Zeid, the official spokesperson for the Ministry of Foreign Affairs and Immigration and Director of the Public Diplomacy Department, reported that Minister Abdelatty congratulated the Saudi side on the Kingdom’s successful bid to host Expo 2030 and the 2034 FIFA World Cup. He emphasized the mutual commitment to enhancing institutional relations between the two countries.

Minister Abdelatty also praised the ongoing growth in trade relations, noting the increase in non-oil trade volume between Egypt and Saudi Arabia in recent years. He highlighted Egypt’s dedication to continued coordination and cooperation to address any challenges in trade, mutual exports, and investor issues.

Additionally, Abdelatty reviewed the recent institutional reforms aimed at improving Egypt’s investment climate, underscoring the Egyptian government’s focus on attracting foreign investment, particularly from Saudi Arabia.

The spokesperson further stated that Minister Abdelatty expressed Egypt's eagerness to organize the Egyptian-Saudi Joint Business Forum promptly and activate the Egyptian-Saudi Business Council. He affirmed Egypt’s readiness to support the council in fostering trade and investment cooperation between businesses in both countries. Minister Abdelatty also suggested leveraging Egyptian expertise in infrastructure development, noting that Egyptian companies are prepared to participate in Saudi Arabia’s infrastructure projects.

Ambassador Abu Zeid added that Minister Abdelatty expressed interest in supporting Saudi Arabia’s Vision 2030 and exploring synergies between the Egyptian and Saudi visions.

He discussed potential areas for enhanced economic integration, including maritime transport, port connectivity, new city development, urban planning, special and free economic zones, the industrial sector, and technology localization.

The Saudi Minister of Commerce emphasized the deep fraternal ties and strong historical relations between Egypt and Saudi Arabia. He commended the alignment of both nations’ visions and the increased pace of consultation and coordination, stressing the shared commitment to advancing bilateral economic and investment cooperation to benefit both peoples and elevate their relationship to new heights.